FRANKFURT -- Schaeffler has bought the 49 percent of high-performance electric-motor manufacturer Compact Dynamics that it did not already own, the German supplier said in a statement.
The company, whose core ball-bearings business faces a threat from the rise of electric vehicles, did not name a price for the transaction.
"For Schaeffler, the acquisition of the remaining shares of Compact Dynamics is an important step in the implementation of its strategy "Mobility for tomorrow," and electric mobility represents one of the company's key opportunities for the future," the supplier said in the statement.
Compact Dynamics, based in Starnberg, Germany, focuses on high-performance electric powertrains and integrated lightweight construction in small volume production and motor sport applications.
The two companies jointly developed an electric drivetrain for the Audi ABT Schaeffler Team, which competes in the FIA Formula E electric racing series.
Schaeffler ranks No. 19 on the Automotive News Europe list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $10.8 billion in 2016.
Automotive News Europe contributed to this report